5:23AM: According to many reports, the NHL and NHLPA have reached a tentative agreement to end the NHL lockout.

Some of the details that have emerged are:

10-year CBA with an opt-out after EIGHT years

Contracts limited to SEVEN YEARS to sign a new player, EIGHT to sign your own player.

The salary cap will be $64.3 million in 2013-14. The floor will be $44 million.

5:55AM: Kypreos says that the contract variance is 35%

5:58AM: Elliotte Friedman says that the lowest paid season of any multi-year deal can be no lower than 50% of the highest season.

9:17AM: Johnston says that anything over $900,000 in the minor leagues will count against the salary cap. He adds “To be clear, one-way deals in AHL totalling the minimum salary plus $375,000 are exempt from cap. The NYR have a decision on Redden.”

8:58AM: Chris Johnston says that the minimum salary starts at $525,000 and reaches $750,000 in the 10th year of the CBA.

7:02AM: Pierre LeBrun says that if the season is 50 games then it will start on 1/15 and the 48 game schedule would start on 1/19.

6:39AM: Mendes says that the players want to play at least one preseason game.

6:27AM: Darren Dreger says that training camp will open on either Wednesday, Thursday or Friday depending on ratification.

6:15AM: Kypreos says that revenue sharing will be at $200 million plus $60 million in a growth fund.

Many updates below

6:13AM: Ian Mendes of Sportsnet says that the players will be going to Russia to play in the 2014 Olympics. 6:31AM: Sarah Kwak of SI and Darren Dreger say that the decision to participate in the Olympics will be made outside of the CBA.

6:11AM: John Shannon and Nick Kypreos spoke with Gary Bettman. Kypreos says that Bettman acted like the “commissioner with the best interest of the game” today.

5:51AM: Don Fehr and Gary Bettman are having a joint press conference:

Bettman: “we are here to tell you that we have reached an agreement on the framework of a new CBA. The details of which need to be put to paper, but the basic framework of a deal has been put together.”

“We are not in a position to give any info on schedule or when we are starting, but we will be back later today with that info.”

“I would be remiss if we didn’t thank Scott Beckenbaugh for his role in the process. I want to thank Don Fehr and the players. It is good to be at this point.”

Fehr: “we have the framework of a deal. We need to let our constituents know all the details and hopefully we will get back to business as usual as soon as we can.”

5:44AM: Nick Kypreos says that the players do not want a 48 game season, they want more games so they can receive more money.

5:41AM: John Shannon says on Sportsnet that Tuesday, January 15 could be the start of a 50 game schedule.

5:23AM: According to many reports, the NHL and NHLPA have reached a tentative agreement to end the NHL lockout.

Some of the details that have emerged are:

10-year CBA with an opt-out after EIGHT years

Contracts limited to SEVEN YEARS to sign a new player, EIGHT to sign your own player.

The salary cap will be $64.3 million in 2013-14. The floor will be $44 million.

5:55AM: Kypreos says that the contract variance is 35%

5:58AM: Elliotte Friedman says that the lowest paid season of any multi-year deal can be no lower than 50% of the highest season.

Katie Strang tweets “Told the emphasis is on tentative. Still work to be done but a verbal agreement on the major points”

Bob McKenzie says “Important documentation and ratification is next phase. Start date and # of games in season still TBA, depending on how long it takes.”

Chris Johnston says “The NHL’s new CBA will ultimately need to be ratified by both a majority of the 30 league owners and approximately 740 players.”

Nick Kypreos says that Gary Bettman was under intense pressure from major sponsors who were threatening to to not invest in the league again.

Bruce Garrioch and Tom Gulitti report that the NHL would like to play a 50-game schedule, but that will depend on how long it takes to ratify the deal.